One of the open secrets of the fund management business is the desire for stocks to have high prices at the year-end as this is used for measuring fund performance and hence the bonuses of the fund managers
Gokaldas Exports, which is approximately 40% owned by Blackstone, offers an amusing lesson
Yesterday, they made an announcement to the Stock Exchanges that they have uploaded a “Management Presentation” on their website.
The deck had this very interesting slide on Q4 revenues/profits…this on the last few days of Q4
The net result is that the stock has hit the upper circuit today.
Hat Tip : Amit Arora
Morningstar had an Awards Function recently where it dished out awards to Mutual Funds in various categories.
Mirae Asset Emerging Bluechip was the winner in the Equity Small & Mid-Cap categories.
Its Fund Fact Sheet for Feb 2017 makes for interesting reading:
How can a Mutual Fund whose top 10 holdings include 4 stocks in the Nifty be classified as “SmallCap/Midcap” ?
Or maybe the Fund has these stocks in the perverse hope they will go from large cap to small cap !
Anyways, these Awards remind me of a very memorable interview of Govinda.
Once Govinda, the once very popular Bollwood star, was asked by an interviewer:
Q:Aap Ko ab tak koi Filmfare award kyon nahi mile?
He replied: Lekin maine paise bhi toh nahi diye !
Source: ICICI Pru’s Q3 Business Presentation
Just like Banking,Private Players are consistently taking market share away from the Govt run Companies
Hat tip:Jatin Kalra
Goes to this company with negative sales !! Wonder why such companies which are into equity trading are even listed .